Premier Family Law Representation In Southern Florida

Mark Abzug

Find out how divorce will impact your financial stability

On Behalf of | Aug 10, 2018 | High Asset Divorce

It is easy to think of divorce as a bad thing because it is the end of your relationship. What many people don’t realize is that you can turn this end into a good beginning. One important thing for you to do is to ensure that you are financially ready for your new life. Climbing out of a financial slump might not be as easy as you might want it to be, but it will be worth the effort in the future.

One of the most important things to do right now is to take an honest look at your situation, even if you are ending a marriage in which you were financially comfortable. There is a good chance that there will be at least a little tightening of the purse strings with the divorce since you are likely losing one income. You need to set a budget based on what you earn so that you know what you can afford.

Make sure that you don’t turn to spending money as a coping mechanism. People might call it retail therapy, but there is nothing therapeutic about it when you realize that you spent more than what you could afford.

Sometimes, it is best to take a few months after the divorce to only pay for the essentials that you truly need. This might be a big change, but it gives you a chance to adjust to the divorce and possibly save money. Plus, divorce comes with some additional expenses like court costs and establishing a new residence if necessary.

As you move forward through the divorce, look into what impacts the property division settlement might have. This is important if are negotiating the terms since you need to learn about how different options might impact your future financial stability.